Western Union, the world’s leading money transfer company, has earned a 15% stake in the STC Group’s digital payment unit for 200 million dollars.
Western Union, the world’s largest money transfer company, has bought a 15% stake in Saudi Arabia’s STC Group digital payments division for $200 million.
- STC Pay is an STC-owned financial enterprise.
- It is a secure digital wallet in the form of an app that enables you to take control of your finances.
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Saudi Arabia’s largest telecom operator said in a statement on Saturday that the acquisition of STC’s salary of 5 billion riyals ($ 1.3 billion) would finance its capital and support long-term expansion plans.
Mohammed bin Khalid Abdullah Al Faisal, Chairman, STC Group, said the investment reflects the company’s position as a “digital executor”. He said the deal created the first “Saudi unicorn and the first Fintech unicorn in the Middle East”.
Unicorns are generally defined as private companies worth $ 1 billion or more.
Last month, sources informed Reuters that STC had hired banks to initialize the sale of the STC Solutions product and service development arm.
Reducing dependence on money is part of the Saudi government’s efforts to modernize the economy of the world’s largest oil exporter.
According to STC, the Saudi Arabian Monetary Authority has more than 4.5 million users, with Fintech, the first licensed subsidiary of the Central Bank of Saudi Arabia, and its STC payroll.
About STC pay
STC Pay is an STC owned financial firm. It is a secure digital wallet in the form of a smartphone app, allowing you to take full control over your finances – anytime, anywhere.
For more information, visit www.westernunion.com